In this series, we’re exploring some of the basic accounting concepts that every nonprofit professional should know. First up: net assets. What are they, and why are they important?
It’s easy for receipts to get lost, damaged, or misplaced. Try these tips to keep track of your expense receipts and make your accounting more efficient.
The W-9 form is used by your organization to generate a 1099 at the end of the year. A 1099 is an informational return used to report taxable income to the IRS.
Is year-end catching you by surprise? Whether or not your fiscal year ends on December 31st, there are many financial tasks that need to be completed during this busy time of year.
Your organization’s Statement of Financial Position - or balance sheet - provides a snapshot of where you stand financially at a specific moment in time.
A chart of accounts is a numbered list that organizes your financial activity into different categories within your accounting system. Every nonprofit has a unique chart of accounts, but most follow the same general guidelines and numbering conventions.
